Chart USD/CAD Update: Lower in both USD- and CAD-driven trade
Choppy trade beneath resistance at the 1.4100 break level has given way to a sharp USD- and CAD-driven fall
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | ** | break level | S1 | 1.4050 | * | break level | |
| R3 | 1.4170 | ** | 50% ret of Feb-Jun fall | S2 | 1.4000 | * | break level | |
| R2 | 1.4140 | ** | 5-6 Nov (w) high | S3 | 1.3950 | * | pivot | |
| R1 | 1.4100 | * | break level | S4 | 1.3900 | ** | break level, 50% ret |
Asterisk denotes strength of level
16:25 GMT - Choppy trade beneath resistance at the 1.4100 break level has given way to a sharp USD- and CAD-driven fall, with prices currently pressuring support at 1.4050. Daily readings are coming under pressure and overbought weekly stochastics are turning down, unwinding negative, divergence, suggesting room for further losses in the coming sessions. A break below 1.4050 will open up 1.4000. But the rising weekly Tension Indicator is expected to limit any initial tests in fresh consolidation. Meanwhile, resistance remains at 1.4100 and extends to the 1.4140 weekly high of 5-6 November. This range should cap any immediate tests higher.